WASHINGTON — March employment data show slight additional weakening as payrolls dropped another 663,000 and the January-February revisions totaled minus-86,000. Job losses were widespread as the one-month diffusion index dipped to 22.0% and the civilian unemployment rate jumped 0.4 point to 8.5%, its highest level since 1983 in the aftermath of another deep recession.

Hours and wages weakened — average hourly earnings gained 0.2% to a 3.4% rise over the year — suggesting weak production and income data ahead.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.